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What are Customer Insights?

Type: Blog
Topic: Customer Insights

You cannot serve a client whose needs you do not understand. As a business, you might think you know where you fit into a particular niche or how your offerings benefit your market.

However, without consumer insight research you never fully know if there is more you could be providing to your customers, a better service you could be offering them, or a better communication program you could provide them.

Consumer insights allow you to have a full picture of your buyers. You will see more than habits and trends. This information will enable you to develop a complete picture of your target audience, including what they need and how to connect with them.

Does gathering all that data seem overwhelming? Don’t worry. We’ve got you covered.

This article answers the question, “What are customer insights?” We also look at how to collect the information and how to use it to improve your relationship with your customers in the future.

What is Customer Insight Analytics?

Market research has been a buzzword in the business world for many years. It helps us understand trends, needs, and holes in the market. However, this research does not provide any clarity for why these things happen.

Customer insights look deeper into the trends to understand why.

Through consumer insights, PossibleNOW is able to see how market research trends affect your unique customer base and how to use them in your business. This includes specific actions that you can take to keep your clients happy in the future. Keeping up with current trends is meaningless if you cannot determine how your business will fit into them.

To gather high-quality consumer insights information, you need specific, quality data, and the right means to analyze it once it’s collected.

You will not make informed decisions if your information is not accurate or does not provide the full picture and is missing crucial segments. Your data must be specific to your customers and the way that they think. Choose options that look at different market segments, buyer personas, and points in the customer journey. There is no singular right way to gather information, but it is easy to go wrong.

Be sure you also include trends and experiences outside of your business. You do not exist in a bubble, and other factors can affect your success. If your research collection is too specific, you will miss these external influences.

Without the ability to gather and understand your data, even the best data is worthless. Decide now if you will use either a dedicated team within your company or an external service provider like PossibleNOW to collect and analyze your customer insights.

Why are insights important?

If you do not know how your consumers feel about your product, then you have no choice but to guess the best changes to make or what features to add. Consumer insight research provides clarity. With this one addition to your business systems, you will have no doubts that what you are doing works or where changes will add the most value.

What is customer insight strategy?

To understand how PossibleNOW uses customer insights in marketing, first consider the buyer’s journey. Every person goes through similar steps when they interact with a company.

First, they become aware that the business exists. Then, potential shoppers consider the offerings and eventually make a purchase. After that, the company must keep the buyer interested in what they do. A pleased client will then advocate and tell their friends about the product or service.

Developing a customer insight strategy allows you to find and fix the places of the customer journey that your business can improve. Ideally, you’ll have fostered a mutual relationship with the customer based on trust – if the customer feels that you are paying attention to their needs and wants, and responding in ways that benefit them and their decisions, they feel listened to and respected. Developing a successful strategy can be complex, and an expert team like PossibleNOW’s can help you figure out where to begin.

What are key insights?

Key insights provide a glimpse into customer behavior and habits. They allow you to find essential data points within the noise of all the information you have. Customer communications, customer feedback, sales tracking, and direct research combine to inform your marketing and development.

Use key insights to recognize overarching trends in your buyer’s journey. This understanding helps you build stronger relationships with customers and remain relevant to them in your marketing.

What is insight marketing?

Insight marketing involves using key insights to create targeted advertising campaigns. Customers respond better to personalized communications. If you use their name, connect with a service they received, or suggest an addition to a product they bought, customers are more likely to become repeat buyers.

Insight marketing can use purchase patterns or consumer research to inform specific, successful campaigns.

Most insight marketing uses a combination of algorithms, internal data, and external data for best results. This complete approach helps you to have a clear message that your customers appreciate. Clarity is everything in marketing and customer retention.

The better you know your customers and speak directly to them, the higher you can raise your bottom line and grow in the future. Customers feel valued when they have a voice in the communications and content they receive from you, building a mutually beneficial relationship based on trust.

How do I get customer insights?

Even though gaining consumer insights takes a lot of intentional data collection and work, the process is straightforward. As long as you have a dedicated marketing team equipped to take on the task or hire experts like PossibleNOW, you will have key customer data quickly and efficiently.

1. Know what you want to learn

Many businesses fall into the trap of collecting as much information as possible. Too much data can be overwhelming, messy, or cause you to miss critical points. It is essential to have enough insights, but they have to be the right ones.

Be clear on the information you need. Do you want to know how a particular advertisement performed? Are you curious about how your customers might feel about your new product launch? When you ask a specific question, your results will be more useful.

2. Choose your methods based on what you need to know

With these questions clarified, it is time to decide how to get your answers. Think about what type of information is most useful for this analysis. Each business or industry may look at this process differently – PossibleNOW can help you determine what approach is the best fit for your organization.

Take time to plan how you will analyze the responses and use them for the future of your business. Data is useless when left sitting on a hard drive or in a file folder. Know who will present and utilize the final insight, consumer needs, and other results of your research.

3. Collect the data.

Use all appropriate methods to gather the information you need. Whether it is a survey, focus group, or an analysis of responses to an email campaign, it takes time to compile the consumer insights data. Be sure your team has the resources necessary to do a good job.

As you collect information, check in to see if your process is providing what you need. Sometimes, the results are not helpful, and you must redirect the research process.

Working with a team of market-leading experts like PossibleNOW helps to avoid ineffective methods. We will target your research appropriately from the beginning and ensure optimal results through consumer insights data collection.

4. Analyze the information and use it to grow.

Do not let all the resources used to collect customer insight data go to waste. Customers’ opinions can dramatically change if you do not respond to their needs promptly. Once you finish collecting consumer insights, analyze the results immediately using your internal team or PossibleNOW’s experts.

Then, keep the momentum rolling and use the consumer insights you uncovered. Create your future marketing campaigns, service offerings, and products based on these results. If you do not use your research to plan, you risk losing your customer retention and loyalty. Make your customer feel heard and respected, and they’ll continue engaging with you. If you aren’t sure how to put the results to good use, PossibleNOW’s service providers can help.

Remember, successful businesses hear their audience’s needs and then address them better than their competitors. Be smart and informed while you grow your business. If you do, you will find yourself destined for greatness.

Call PossibleNOW today to begin using consumer insight marketing to your advantage.

There is a reason that PossibleNOW is considered the market leader in consumer insights collection and analysis. Our years of experience and innovative techniques make us the best at what we do. We will do the heavy lifting to use customer insight tools to take your business to new heights.